Business Insurance

Business property insurance and other BOP coverages

By June 13, 2017 No Comments

business property insuranceA vital requirement for business owners, whether large or small, is a business insurance policy and business property insurance should be at the forefront. Determining which policy or policies you need for your particular business can be tough. For starters, we always recommend the standard Business Owners Policy (BOP), which typically covers business property, business interruption, general liability and cyber liability.

As a business owner, having a proper business property insurance policy will offer you the much-needed peace of mind to run your business effectively. A business property insurance policy normally covers the physical property together with the assets therein. At Brashears Insurance, we offer a comprehensive business property insurance that is tailor-made to suit any business.

Some of the major benefits of having a business owner’s policy are:

Business Property Insurance Offers Assurance of Compensation

A business property insurance policy should be able to cover you in case of theft, damages or vandalism. Depending on your particular policy, you should be compensated for losses suffered in case of unforeseen circumstances. Most basic policies for businesses include theft, vandalism, and damages caused by natural disasters. At Brashears, we get to know you and your business operations and advise you on the best insurance policy to fit your needs. As a business owner, you will definitely have a peace of mind knowing that your business is safely covered.

Higher Level of Indemnity 

As the owner of a business premise, you can decide to rent or lease out space to a third party. In such instances, you will still be liable in some situations. However, a good insurance policy will ensure that you are adequately covered. For instance, should your property become inhabitable as a result of natural disaster, you will certainly lose substantial revenue from rent. With a good insurance policy, you will be offered a generous indemnity period, whereby you can claim the lost rent.

Lawsuit for tenants

If you are leasing or renting out your business premises, you will need a policy that will protect you from unscrupulous tenants. For instance, you may need to take legal action against tenants who violate their tenants’ agreement. An insurance policy will protect you should you be sued by someone who is injured while visiting your tenants or cause malicious damage to your property.

Liability for injury

As a business owner, you probably have customers come to your place of business on a regular basis. It is advisable to have an insurance policy that will protect you from any damage should your customers or vendors be injured when on the premises. The policy will also cover you should a visitor sue you because of injuries sustained while at your premises. Note that you will need a separate workers compensation policy for injuries occurring to your employees.

Tax savings

Business owners enjoy tax deductions from their business property insurance. Policies against theft, fire, flood, earthquake, workers’ compensation and landlord liability can all be written off to save on taxes. As a business owner, you can combine different policy covers into one comprehensive cover that will get you ultimately get you better deals.

When considering an insurance policy for your business, you want to be sure that you have made the absolute right decision. Do not hesitate to seek advice from our associates at Brashears Insurance Agency, who will always have your back.